Harvest Fund Management Co. Ltd Increases Stock Position in Agree Realty Corporation (NYSE:ADC)

Harvest Fund Management Co. Ltd increased its position in Agree Realty Corporation (NYSE:ADC) by 19.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,110 shares of the real estate investment trust’s stock after purchasing an additional 1,000 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Agree Realty were worth $472,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Cohen & Steers Inc. raised its holdings in Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after acquiring an additional 2,937,147 shares in the last quarter. Millennium Management LLC raised its holdings in Agree Realty by 1,036.9% in the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after acquiring an additional 1,068,271 shares in the last quarter. Invesco Ltd. raised its holdings in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. Northern Trust Corp raised its holdings in Agree Realty by 89.2% in the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust’s stock valued at $107,315,000 after acquiring an additional 718,114 shares in the last quarter. Finally, Norges Bank acquired a new stake in Agree Realty in the fourth quarter valued at $48,862,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on ADC shares. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Barclays upped their price target on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a report on Monday, May 5th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Finally, Mizuho dropped their target price on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $80.32.

Agree Realty Stock Down 0.8%

Agree Realty stock opened at $72.96 on Thursday. The company has a 50-day simple moving average of $73.64 and a 200-day simple moving average of $74.13. The firm has a market capitalization of $8.03 billion, a P/E ratio of 41.22, a P/E/G ratio of 2.38 and a beta of 0.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be given a dividend of $0.256 per share. The ex-dividend date is Thursday, July 31st. This represents a $3.07 annualized dividend and a dividend yield of 4.21%. Agree Realty’s dividend payout ratio is currently 173.45%.

Agree Realty Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.